Tech is getting hit from every angle this morning and Netflix is leading the damage.

Tech is getting hit from every angle this morning and Netflix is leading the damage.

Futures first. SPY down 0.99. QQQ down 1.5. Nasdaq is taking the brunt of it. VIX sitting at 18.77 — not panic territory, but elevated enough to matter. Gold up 0.68, which tells you where money is rotating. Asian markets unavailable overnight, so we're flying partially blind into the open.

ETFs confirm the story. QQQ down 1.5. IWM down 0.52. DIA down 0.77. Small caps are holding up better than large caps. That's the spread worth watching.

Now the stocks.

Netflix down 7.26%, at 68.95. Biggest mover on the board by a wide margin — earnings reaction. That kind of gap doesn't come back in a session.

Meta down 2.79%, at 646.01. Sympathy pressure.

Tesla down 2.61%, at 380.84. Risk-off.

Nvidia down 2.21%, at 202.81. Chips bleeding.

Alphabet down 2.17%, at 346.77. Ad revenue fears not helping the tape.

Intel down 2%, at 95.04. Sector drag.

Microsoft down 1.81%, at 393.82. Best-looking name in a bad neighborhood, and it's still red.

One green name. Oracle up 1.77%, at 126.41. Cloud holding while everything else folds — that's the relative strength trade if you're looking for one.

Salesforce down 1.11%, at 170.77. Amazon down 1.06%, at 247.23. AMD down 1.03%, at 495.76. Broadcom down 0.97%, at 370.83. Broad-based selling across the board — this isn't just a Netflix problem, it's the whole complex getting repriced.

Sector read: mega-cap tech under broad pressure, Netflix accelerated the move, and Oracle is the one name swimming against the current.

No earnings today. No economic data scheduled. This session is entirely driven by sentiment and positioning after yesterday's Netflix print.

Numbers don't lie. People do. Trade accordingly.